In Hungary, the word “actuary” has been used since the existence of the free market. The Hungarian Actuarial Society was established in 1991. Presently more than 200 actuaries work in different areas, mostly employed at insurers.
The Hungarian Actuarial Society was established in1991, the year when competition in insurance markets began. Presently more than 200 actuaries work in different areas. Most colleagues work at insurers, as Insurance Law requires companies to employ both a chief actuary and an actuarial function holder. Pension schemes, Big 4 auditors and the supervisory authority also employ actuaries.
Independent actuarial firms provide services for special matters such as:
- helping in the introduction of new regimes such as Solvency 2 or IFRS17
- providing IT services for insurers
- conducting actuarial audits on behalf of smaller auditors
- performing ad hoc tasks requested by the supervisor.